A Claims Management Company
Total amount invested
Why did people invest in it?
Douglas Baillie Ltd was a financial advice firm based in Perth. It was founded in 1998, and offered a pension transfer business until 2013 called “The Pensions Specialists”.
Why was it mis-selling?
In 2013, The Pensions Specialists was closed down after the FCA raised concerns over compliance. Douglas Baillie itself was declared in default by the FSCS in 2016.
Potential value of cases
Douglas Baillie Ltd was a financial advice firm based in Perth, Scotland. The firm was founded in 1998, and offered a range of financial services to their clients. The firm also ran a separate pensions transfers advice business between 2012 and 2013 that was called “The Pensions Specialists”. Douglas Baillie Ltd was regulated by the FCA under FRN 187675.
In 2013, the FCA alerted Douglas Baillie Ltd to a number of compliance failings in their pensions transfer business, The Pensions Specialist. In response to this, the firm suspended all pensions transfers while the issues that had been highlighted were resolved. The primary concern being addressed was that The Pensions Specialists failed to take into account the wider financial situation of their clients when recommending pensions solutions.
While the managing director, Douglas Baillie, stated in 2013 that they intended to reopen their pensions transfer arm once the issues had been resolved, the business never accepted further business. It is currently a dormant company according to Companies House.
Between October 2014 and May 2016, Douglas Baillie Ltd received 7 complaints about their service that were brought to the Financial Ombudsman Service. Of these, 6 of the 7 complaints were related to pensions transfers made by Douglas Baillie Ltd. All 7 complaints were upheld.
In May 2016, the firm entered voluntary liquidation with the consent of creditors. Then, on 15th November, the firm’s FCA authorisation was rescinded and in January 2017, the FSCS included Douglas Baillie in their formal declaration of firms that failed between November and December 2016.
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